Inflation rate drops to 11.37% in January – NBS

Nigeria’s rate inflation dropped by 0.07 percent in January 2019, the National Bureau of Statistics (NBS) reported on Friday.

According to the NBS, the consumer price index, (CPI) which measured inflation increased by 11.37 percent (year-on-year) in January 2019.

“This is 0.07 percent points lower than the rate recorded in December 2018 (11.44) percent. Increases were recorded in all COICOP divisions that yielded the Headline index,” it said.

On month-on-month basis, the NBS said the Headline index increased by 0.74 percent in January 2019, same rate as was recorded in December 2018 (0.74) percent.

“The percentage change in the average composite CPI for the twelve months period ending January 2019 over the average of the CPI for the previous twelve months period was 11.80 percent, showing 0.3 percent point from 12.10 percent recorded in December 2018.

“The urban inflation rate increased by 11.66 percent (year-on-year) in January 2019 from 11.73 percent recorded in December 2018, while the rural inflation rate increased by 11.11 percent in January 2019 from 11.18 percent in December 2018,” it added.